According to a press release issued Wednesday night, current president and CEO Daniel L. Doctoroff will step down at the end of the year to make room for the former mayor to "reassume leadership of the company he founded."

"When Mike decided he wanted to spend some time at the company, and then spent more time, obviously things changed," Doctoroff told the paper. "It isn't the job I had for the past six years. It's his — he wants to be involved. He doesn't want to consult with me on everything. I get that."

When he left politics, Mr. Bloomberg was expected to devote most of his time to giving away his $32.8 billion fortune. Those philanthropic efforts — on issues like gun control, immigration and public health — were supposed to take up much of his time and he would "most likely spend a few hours a day working from his new desk on the fifth floor," at Bloomberg's offices, according to a memo Mr. Doctoroff sent employees in January.

According to a January New York Times article, just a few months after Doctoroff told the paper Bloomberg had no interest in getting "involved in the day-to-day at all," Bloomberg began showing up to meetings and making strategy decisions.

The Times reports that Doctoroff—frustrated by the shift in power—eventually decided to resign.

The transition will reportedly be effective "at the end of this year."